World Bank approves $176m for two new West Africa Power Pool projects
The funds were okayed by the Bank’s Board of Executive Directors on May 31, 2012 and it comes in two forms – $144.5 million in zero interest and a $31.5 million grant.
Countries to benefit from the two projects are Côte d’Ivoire, Liberia, Sierra Leone, and Guinea.
According to the World Bank’s Director for Sustainable Development in Africa, Jamal Saghir, the projects will integrate electricity systems, increase electricity supply, and improve system reliability in these countries.
Yusupha Crookes, the World Bank Country Director for Liberia, Sierra Leone and Ghana said “These countries will be able to import significantly cheaper electricity from Côte d’Ivoire in the initial years of operation of the transmission interconnection.”
The World Bank said the estimated cost for the two projects is expected to be $476 million, with $176 million being financed by the International Development Association (IDA), and $280 million coming from the African Development Bank (AfDB), the European Investment Bank (EIB) and $20 million from the participating governments.
By Ekow Quandzie